EU approves regional aid to Apollo Tyres
Hungary got the green light from the European Union to grant €95.7 mln in aid to India-based Apollo Tyres. The indian firm will build a new tyre plant and create 975 jobs in Northern Hungary.
After securing regulatory approval from the European commission, Hungary will fund €95.7 mln into Appolo Tyres' new unit. The Hungarian state will give a direct grant of 48.2 million euros, an employment grant of 2.8 million euros and tax allowances of about 44.7 million euros for the construction of a tyre plant.
The new facility will create 975 new jobs in Gyöngyöshalász. The site is located in Northern Hungary, a region affected by slow growth and high unemployment. The EU commission said the project complies with EU aid rules and will boost regional development.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.